Orosur Mining (OMI) Q1 2025 earnings summary

Executive summary

• Regained 100% ownership of the Anza Gold Project in Colombia through a deferred consideration deal with Agnico and Newmont, with no upfront cash payment and royalties contingent on future production.

• Advanced environmental permitting in Argentina for the Santa Cruz Province drilling program, with approvals expected later in 2024.

• Progressed at a slower pace in Nigeria due to weak lithium prices, despite positive early exploration results.

• Completed asset sales and employee settlements in Uruguay, with proceeds being distributed to creditors as per the court-approved agreement.

Financial highlights

• Cash balance decreased to $710,000 as of August 31, 2024, from $1,328,000 at May 31, 2024; subsequently increased to $1,150,000 post quarter-end.

• Net loss for the quarter was $279,000, an improvement from a $614,000 loss in the same quarter last year.

• Net cash used in operating activities was $546,000, compared to $419,000 in the prior year period.

• Raised £835,000 (before expenses) through a share placing after quarter-end, with associated warrants issued.

Outlook and guidance

• Drilling permits in Argentina anticipated later in 2024, enabling further exploration.

• Focus remains on advancing the Anza Project in Colombia following the acquisition.

• Nigerian operations to proceed cautiously until lithium prices recover.